{"id":"backpack","title":"Backpack ","content":"**Backpack** is a [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) company that encompasses a global crypto exchange, a crypto wallet, and Mad Lads - an [NFT](https://iq.wiki/wiki/non-fungible-token-nft) collection on [Solana](https://iq.wiki/wiki/solana) consisting of 9k Lads and 1k Lassies. [\\[1\\]](#cite-id-ntnTYAEKD3) [\\[2\\]](#cite-id-Ks98KzAswK)​\n\n[YOUTUBE@VID](cqD3G_qdy90)\n\n## History\n\nFounded in 2022 by [FTX](https://iq.wiki/wiki/ftx) and [Alameda](https://iq.wiki/wiki/alameda-research) alums, Armani Ferrante[\\[3\\]](#cite-id-DfzIVlCUIS) and Tristan Yver[\\[13\\]](#cite-id-U7pc5NcjYV), Backpack was established after the strategic $20 million fundraising by Coral (the makers of Anchor) which was co-led by FTX Ventures and Jump Crypto with participation from Multicoin Capital, Anagram, K5 Global, [Frictionless](https://iq.wiki/wiki/frictionless), and other strategic investors.  [\\[4\\]](#cite-id-v73dRPYKjw)​\n\nBackpack started as an interactive wallet delivering crypto-native experiences through executable NFTs (xNFTs).\n\nHowever, less than two months later, in November 2022, [FTX](https://iq.wiki/wiki/ftx) collapsed and Backpack lost $14.5 million, 88% of the company’s operating funds. [\\[6\\]](#cite-id-gEpu4CnyiE)​\n\nIn April 2023, during the crypto bear market, Backpack launched the Mad Lads NFT collection. In the first week of launch, Mad Lads topped all NFT charts [across](https://iq.wiki/wiki/across) all chains and helped turn attention to [Solana](https://iq.wiki/wiki/solana). Mad Lads soon became the Number 1 NFT on [Solana](https://iq.wiki/wiki/solana) based on market [cap](https://iq.wiki/wiki/cap) and trading volume.  [\\[6\\]](#cite-id-gEpu4CnyiE)​\n\n> “For us, we’re fortunate where our community is complementary to our business,” Ferrante said.\n\n> “We wanted to build a product for them and make their life in crypto better.” [\\[7\\]](#cite-id-884Kvjfyga)\n\nIn November 2023, Backpack beta-launched its regulated crypto exchange after receiving the Virtual Asset Service Provider (VASP) License from the Dubai Virtual Asset Regulatory Authority (VARA).\n\nIn February 2024, Backpack raised 120 million in a Series A round led by Placeholder VC. [\\[8\\]](#cite-id-SFLObG46Po)​\n\nIn December 2024, Backpack was accepted as a Type 2 member of the Japan Virtual Currency Exchange Association (JVCEA)—the first new member admitted after [Binance](https://iq.wiki/wiki/binance) since 2022.  [\\[6\\]](#cite-id-gEpu4CnyiE)​\n\nDuring Backpack Exchange’s one-year beta mode, it launched several campaigns in the APAC region and reached more than 650,000 fully KYC’ed users, while continuing to attract senior talents from Citi, Stripe, State Street, [Coinbase](https://iq.wiki/wiki/coinbase), and more.  [\\[6\\]](#cite-id-gEpu4CnyiE)​\n\n### Backpack Acquires FTX EU\n\nOn January 7, 2025, Backpack acquired FTX EU, the European division of Sam Bankman-Fried's bankrupt [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) trading firm. [\\[9\\]](#cite-id-rTbCQ1ppLi) [\\[10\\]](#cite-id-bS9yo8jkcB)​\n\nFTX EU, which held a MiFID II-license under the Cyprus Securities and Exchange Commission (CySEC), cost Backpack $32.7 million, the exchange said.\n\nBackpack’s new European arm will offer a full suite of crypto derivatives throughout the EU, starting by capitalizing on its position as the only regulated perpetual futures provider [across](https://iq.wiki/wiki/across) Europe, according to [Armani Ferrante](https://iq.wiki/wiki/armani-ferrante), CEO of Backpack Exchange. [\\[10\\]](#cite-id-bS9yo8jkcB)​\n\nAs part of the acquisition, Backpack EU will undertake responsibility for distributing the previously court-approved FTX bankruptcy claims to FTX EU customers.  [\\[9\\]](#cite-id-rTbCQ1ppLi)​\n\n> ‍Mr. Ferrante further noted, “Customer restitution is a crucial step to rebuild trust and confidence in the industry, and Backpack is committed to returning FTX EU customers’ funds as fast and as safely as possible.”\n\nIn addition to compliant product offerings, Backpack EU will provide seamless integration with traditional payment [rails](https://iq.wiki/wiki/rails) including instant, low-cost Single Euro Payments Area (SEPA) payments and wire transfers in major currencies [across](https://iq.wiki/wiki/across) the region.  [\\[9\\]](#cite-id-rTbCQ1ppLi)​\n\n### Expansion into Tokenized Securities\n\nIn October 2025, Backpack announced it was adding SEC-registered U.S. equities to its trading platform through a partnership with [Superstate](https://iq.wiki/wiki/superstate), a [blockchain](https://iq.wiki/wiki/blockchain) finance startup led by [Compound](https://iq.wiki/wiki/compound) founder Robert Leshner. The deal integrates Superstate’s Opening Bell platform into Backpack, enabling non-U.S. users to trade tokenized shares of public companies directly on-chain. [\\[14\\]](#cite-id-DTDp2auTYJ)​\n\nWith this move, Backpack became the first centralized crypto exchange to list issuer-backed, SEC-registered equities natively on the [blockchain](https://iq.wiki/wiki/blockchain). The firms clarified that these are not synthetic or wrapped derivative products, but are real equities issued under U.S. securities law, featuring the same CUSIP identifiers as their traditional counterparts on exchanges like the NYSE or Nasdaq. According to [Superstate](https://iq.wiki/wiki/superstate) founder Robert Leshner, this provides traders with more assets for buying, selling, and [collateral](https://iq.wiki/wiki/collateral), while offering issuers expanded reach to crypto-native investors. [\\[14\\]](#cite-id-DTDp2auTYJ)​\n\n## Products\n\nThe Backpack ecosystem comprises several products and services, including the popular Backpack Wallet (noncustodial), Backpack Exchange, and Mad Lads, the top [NFT](https://iq.wiki/wiki/non-fungible-token-nft) community in the [Solana](https://iq.wiki/wiki/solana) ecosystem.\n\n### Backpack Exchange\n\nBackpack Exchange is a fully regulated global [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) exchange building an innovative, and compliant trading platform. [\\[1\\]](#cite-id-ntnTYAEKD3)​\n\n### **Backpack Wallet**\n\nBackpack Wallet is an all-in-one [web3](https://iq.wiki/wiki/web3) app that functions as a self-custodial wallet, allowing users to buy, hold, sell, and transfer cryptocurrencies.  [\\[1\\]](#cite-id-ntnTYAEKD3)​\n\n### Mad Lads\n\nCreated by Backpack, Mad Lads is a 10,000 piece NFT collection created by Backpack, the artwork consists of 9,000 Lads and 1,000 Lassies. The NFTs were minted (launched) on the [Solana](https://iq.wiki/wiki/solana) [blockchain](https://iq.wiki/wiki/blockchain) on April 2023 with 8,000+ individuals participating in the launch event, there are currently 3,000+ holders. It was one of the most hyped and popular launches in [Solana](https://iq.wiki/wiki/solana) history, taking place over two days it resulted in one of the most memorable times in recent history.  [\\[11\\]](#cite-id-qstv7LLSaP)​\n\n## ‍Partners\n\n1. Placeholder\n2. [Hashed](https://iq.wiki/wiki/hashed)\n3. Jump\n4. Amber\n5. Wintermute\n6. [Robot Ventures](https://iq.wiki/wiki/robot-ventures)\n7. Delphi Digital\n8. Selini [\\[12\\]](#cite-id-pnopq4TtAc)","summary":"Backpack is a cryptocurrency company founded in 2022, offering a global exchange, a crypto wallet, and the Mad Lads NFT collection on Solana. 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